Francesca McDonagh earned a salary of €961,000 as Executive Director, Group Chief Executive Officer at Bank of Ireland Group PLC according to the economic research institute.
Ms. McDonagh said in a statement that her choice to quit the Irish banking sector shows the difficulty that remuneration limitations provide for Irish banks in attracting and maintaining talent.
Normalization of operations is now critical to the indigenous banking sector’s long-term viability, she added in a statement.
Details About Francesca McDonagh’s Salary
In 2020, the most recent year for which payment information is available, Ms. Francesca McDonagh was paid close to €1 million.
In recent years, Irish banks have pressed the government to lift a State-imposed wage restriction on bankers, claiming that it impedes the institutions’ ability to recruit and retain outstanding executives.
Ms. McDonagh’s departure comes as the state continues to drip-feed shares into the stock market, slowly selling down its holding in the bank. Since last summer, the state’s interest in the bank has dropped from about 14 percent to below the 5 percent threshold that is required to be reported.
Taxpayers have received around €6.5 billion so far in exchange for the €4.7 billion the government put up to save the bank during the financial crisis. Ms. McDonagh has stated that she believes the bank will be fully privatized by next year.
Is Francesca McDonagh Stepping Down As Bank Of Ireland Chief Executive?
After 4 years as chief executive of Bank of Ireland, Francesca McDonagh is stepping down.
Ms. McDonagh is stepping down from the bank’s board of directors, the bank informed its shareholders following the close of trade on Tuesday. She is expected to leave the bank in September for a position with another European financial firm.
Ms. McDonagh was wished well by Minister for Finance Paschal Donohoe, who said the bank had succeeded under her leadership. She was key in changing the bank’s culture and bringing the IT transformation initiative through.
Ms. McDonagh, a London-born Oxford University graduate of Irish ancestry, became Bank of Ireland’s first female CEO when she took over from Richie Boucher in October 2017. She formerly worked with HSBC in a range of executive positions.
Who is Francesca McDonagh’s Husband?
Richie Boucher, Francesca McDonagh’s husband, has the distinction of being a female bank CEO who is also younger than most.
Since being appointed chief executive of Bank of Ireland in 2017, Francesca, who is originally from Croydon in London, has been living in the beach resort of Dalkey, Co Dublin, with her husband of nine years.
Her husband is a patisserie owner who is French. Francesca has one brother, an attorney, and her parents are now retired.
She feels her Irish family history has helped her in the role because of the decision she makes which is obeyed by everyone.